learnfpga@[EMAIL PROTECTED]
wrote:
> Here is my situation.....
>
> I am 30 yrs old married and file my returns jointly. I had 401K
> through my employer in 2007 but my wife did not. So my understanding
> was that I can put $8K (Tax deductible traditional IRA + rothIRA) for
> my wife. Also I can put $4K (rothIRA) for me. In total $12K for year
> 2007.
First, I trust your wife is under 50 as well.
You may deposit only 2 x $4000 to IRAs.
Since you are above the limit to deduct a regular IRA, you should choose
the Roth. But again, the maximum is $4000 per person (for 07. In 2008
it's $5000, with an extra $1000 for those 50 or older.)
Joe
www.blog.joetaxpayer.com
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